Annual Report 2013 - Mainfreight

2 Summary of Significant Accounting Policies (continued)
(h) New Accounting Standards and Interpretations
There have been no changes in accounting policies that have a material impact on the financial statements. Furthermore, all accounting
policies have been applied on a consistent basis as in the previous financial year.
Standards and interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group
for the reporting period ending 31 March 2013. These are outlined in the table below.
Reference Title Summary Application
date of
standard
NZ IFRS 9 NZ IFRS 9 Financial This standard is part of the
(2010) Instruments
IASB’s project to replace IAS
39 Financial Instruments:
Recognition and Measurement.
The standard applies to financial
assets, their classification and
measurement.
Impact on Group
financial
statements
1 January 2015 The Group has not
yet determined the
effect, if any, on the
Group Financial
Statements.
Application
date for
Group
1 April 2015
All financial assets are required
to be classified on the basis
of the entity’s business model
for managing the financial
assets and the contractual
cash flow characteristics of
the financial asset. Financial
assets are initially measured
at fair value plus, in the case
of a financial asset not at fair
value through profit or loss,
particular transaction costs
and subsequently measured at
amortised cost or fair value.
NZ IFRS 10
Consolidated Financial
These new standards may
1 January 2013 The Group has not
1 April 2013
NZ IFRS 11
Statements, Joint
impact entities consolidated into
yet determined the
NZ IFRS 12
Arrangements and
the Group accounts and the
effect, if any, on the
Disclosure of Interests
disclosure requirements thereof.
Group Financial
in Other Entities
Statements.
74 Mainfreight | Annual Report 2013